Bluesky raises $100M Series B as users top 43M

Bluesky closed a $100 million Series B in April 2025 led by Bain Capital Crypto, with participation from Alumni Ventures, Anthos Capital, Bloomberg Beta, the Knight Foundation and True Ventures. The company disclosed the round as it begins a search for a permanent CEO and places Toni Schneider, a partner at True Ventures, in the interim role.

Bluesky said it has been deploying the funding over the past year to hire staff and scale infrastructure to handle rapid user growth and support a growing developer ecosystem. The company did not disclose a valuation or detailed runway information.

Since its Series A in October 2024, Bluesky’s reported user base rose from about 13 million to more than 43 million. The project also provided developer and network metrics: over 1,000 apps built on the AT Protocol are used each week, monthly software development kit downloads top 400,000, and the network holds roughly 20 billion public records, including posts and interactions.

The AT Protocol is the technical standard that structures identity, social graphs and content across apps on the network. The protocol allows multiple apps to interoperate so accounts, followers and content can move between services. Bluesky describes the design as a federated network with account portability that supports choices in ranking algorithms and modular moderation tools.

Founder Jay Graber moved from the chief executive role to chief innovation officer to focus on the protocol’s long-term architecture. In a March 9 blog post, Graber wrote she was stepping down as CEO to return to “building new things.” Toni Schneider, now interim CEO, said the company is working to scale its platform while maintaining the protocol features that let users carry identities and followers across apps.

Bluesky said the Series B funding has already been used to expand hiring and boost infrastructure to meet increased traffic and developer activity. The company framed the leadership change and financing as part of a transition to strengthen platform capabilities alongside the AT Protocol.

Bluesky began as a project started by Jack Dorsey in 2019 and has operated independently since 2021. Twitter ended a service agreement with Bluesky in late 2022 as the project developed its protocol-based approach to social networking.